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A family member recently passed and I'm told that I will be inheriting a not-insignificant (but also not huge) investment account (or a split of investments/securities from said account, anyway). This family member banked with an extremely scummy company and none of us trust the army of advisors and managers that have been in contact with us. My immediate question, though, is that they won't allow me to have an account since I currently live outside of the U.S. Also, they charge typically ridiculous fees for liquidation. Once the paperwork is settled, I will have 90 days to move the account to another institution. Does anyone have experience with this? Any recommendations on companies - specifically ones with low fees? I may end up liquidating the account fairly quickly and transfer the assets to my current country of residence, but I'd obviously like that to happen with as low fees as possible.
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Jul 29, 2021 05:41
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Don't have any up front advice but going to get the obvious question out of the way. What country are you living in?
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Jul 29, 2021 14:34
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Spaceguns posted:Don't have any up front advice but going to get the obvious question out of the way. What country are you living in? Living in Japan
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Jul 30, 2021 00:29
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I've looked into expat investing a bunch. https://www.interactivebrokers.com/ is the only broker that you can use in Japan. You can open an account from there, I'm not sure if you can directly transfer the assets but you can certainly liquidate then buy new index funds. They're not the cheapest way to invest, but as an expat in Japan you have literally no other options. Schwab is the only other brokerage that does expat accounts and they don't work in Japan.
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Aug 1, 2021 19:55
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If you move the assets to a foreign account, don't forget to file an FBAR. You might also want to check if you need to file form 8938 with your tax return.
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Aug 1, 2021 20:20
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